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Qorvo: Fiscal 2Q Earnings Snapshot

·1 min read

GREENSBORO, N.C. (AP) _ Qorvo Inc. (QRVO) on Wednesday reported fiscal second-quarter earnings of $136.9 million.

The Greensboro, North Carolina-based company said it had profit of $1.18 per share. Earnings, adjusted for one-time gains and costs, were $2.43 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.14 per share.

The chipmaker posted revenue of $1.06 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $1.01 billion.

For the current quarter ending in January, Qorvo expects its per-share earnings to be $2.65.

The company said it expects revenue in the range of $1.05 billion to $1.08 billion for the fiscal third quarter.

Qorvo shares have increased 15% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $133.68, a rise of 32% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QRVO at https://www.zacks.com/ap/QRVO